First-price auctions have all the following properties EXCEPT
a. Highest bid wins
b. Highest bidder pays her winning bid
c. The item is won by the second-highest bidder
d. The price is set to the highest bid
c
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Which of the following ideas reflect the Monetarist macroeconomic model?
i) The Monetarist model supports the Classical model, in general. ii) Decreases in the growth rate of the quantity of money trigger recessions. iii) Government intervention is an appropriate tool to steady the economy. A) i and ii B) ii and iii C) i only D) i, ii and iii E) i and iii
Computing the CPI is important because ________
A) it is a very accurate and error-free measure of the cost of living B) it helps predict spending patterns for particular goods and services C) government uses it to index entitlements, such as social security benefits, so that beneficiaries do not lose purchasing power in periods of inflation D) all of the above E) none of the above
Which of the following would most likely feature elastic demand?
a. heart surgery b. a required textbook c. fresh green beans d. all of the above
Which of the following is an example of a nondurable good?
a. ice cream b. silverware c. motorcycle d. chair